Annual report pursuant to Section 13 and 15(d)

Income Tax (Tables)

v3.19.2
Income Tax (Tables)
12 Months Ended
Apr. 30, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

 

    Year Ended April 30,  
    2019     2018  
Current            
Federal   $ -     $ -  
State and local     -       2,800  
Total current     -       2,800  
                 
Deferred                
Federal   $ 435,345     $ (438,145 )
State and local     -       -  
Total deferred     435,345       (438,145 )
                 
Total income tax expense (benefit)   $ 435,345     $ (435,345 )

Schedule of Net Deferred Tax Asset

The deferred tax assets are summarized as follows:

 

    April 30, 2019     April 30, 2018  
Net operating loss carryover   $ 3,777,000     $ 1,905,000  
Stock-based compensation     1,753,000       1,580,000  
Capitalized exploration costs     341,000       163,145  
Accrued remediation costs     3,000       -  
Alternative minimum tax credit carryover     438,000       438,000  
Subtotal     6,312,000       4,086,145  
Less: valuation allowance     (6,312,000 )     (3,648,000 )
Net deferred tax asset   $ -     $ 438,145  

Schedule of Effective Tax Rate

The differences between the provision (benefit) for federal income taxes and federal income taxes computed using the U.S. statutory tax rate of 21% were as follows:

 

    Year Ended April 30,  
      2019               2018          
Federal income tax expense (benefit) based on statutory rate   $ (1,598.000 )     21.0 %   $ (4,130,000 )     29.7 %
State income tax expense (benefit), net of federal taxes     -       - %     (119,000 )     .8 %
Change in effective state tax rate     340,000       (4.5 )%     -       - %
Change in prior year estimate     (971,000 )     12.8 %     -       - %
Impairment of Goodwill     -       - %     2,072,000       (14.7 )%
Net operating loss decrease under IRC Section 382     -       - %     10,579,000       (75.1 )%
Impact of tax law change and other     -       - %     2,021,000       (14.5 )%
Increase (decrease) in valuation allowance     2,664,000       (35.0 )%     (10,858,000 )     76.9 %
Total taxes on income (loss)   $ 435,000       (5.7 )%   $ (435,000 )     3.1 %